secwatch.observer — SEC 8-K summary
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Issuer:     CIRRUS LOGIC, INC. (CRUS)
CIK:        0000772406
Form:       8-K
Filed at:   2021-07-28T23:59:59+00:00
Accession:  0001157523-21-000939
Event type: other_material
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Cirrus Logic signs ~$1.6B wafer supply deal with GlobalFoundries; Q1 revenue $277.3M
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- Committed to purchase ~$1.6B of wafers from GlobalFoundries 2022-2026; paid $50M non-refundable fee plus $175M prepayment.
- Q1 FY22 revenue $277.3M (+14% YoY); GAAP EPS $0.29, non-GAAP EPS $0.54; gross margin 50.5%.
- Q2 FY22 guidance: revenue $430M-$470M (+62% sequential); GAAP gross margin 50%-52%.
- One customer contributed 72% of Q1 revenue; demand robust in smartphones and laptops.
- Acquired Lion Semiconductor for $335M cash during Q1; adds fast-charging power ICs.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/772406/000115752321000939/0001157523-21-000939-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/772406/000115752321000939/a52467313.htm
  HTML page:      https://secwatch.observer/filing/0001157523-21-000939

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer